Now then, you may ask why all the fuss, lets face it the pre-tax profit is down from last year, but heres a few things to be munching over.
Second half performance was very strong and pulled the company around. Looks good for the future.

Last years profit included an exceptional profit of 321,000, strip that out and you are looking at 422,000 2003 versus 135,000 2002. It appears that from past RNS records the company disposed of three locations in 2002.

Earning per share, (VIP,)increased from 0.91p to 0.94p.

Free cash on the books was over 7 million.

The management are strong and very conservative to say the least. Last year they reduced total overheads by 5.2%.

Nav per share is 98.3p, current share price 64p, so a whole lot of underpinning there.

Management Buy back of shares led to less dilution.

A distributor of HewletPackard/Compaq hardware. A world leading brand.

And last but not least dividend to be paid of 3p for the full year (has to be taken into context with last years profit).

Downside sure there are pricing, sale and margin errosion in this ever increasing competitive market place, but for sure the second half performance plus a report from chip makers showing that recovery as started(that I have placed on the board previously)bodes well for the future.

And lets not forget, we are more or less on the very ground floor.

Best to get in before the herd.

gf.

Heres the full results RNS from yesterday.
Northamber PLC
18 September 2003

Northamber plc

Audited Results for the year ended 30th June 2003


CHAIRMAN'S STATEMENT

Results

The Board is pleased to report a very strong second half performance by the
Group which has resulted in a creditable full year outcome of pre-tax profits of
422,000 (456,000, including an exceptional profit of 321,000: 30 June 2002).
Shareholders will recall that at the interim stage the Group reported a
disappointing pre-tax loss of 260,000.

Ongoing price erosion reduced sales revenues to 240 million (250 million: 30
June 2002) negating the growth in our own average unit sales and we believe that
we have again increased market share. Overly competitive price and resultant
margin pressures continue to prevail and reflect the basic problems within the
I.T. hardware sector.

Obscured within the result is our continued avoidance of loss making sales of
mere revenue products. This contributed to a modest 0.16% point increase in
gross margin and whilst sales fell by some 4%, the Board's close attention to
costs has reduced total overheads by 5.2%.

On a positive note, earnings per share increased to 0.94p from the 0.91p of a
year ago. At the year end we had a significant 7.165 million cash balance and
remain debt free. Subject to confirmation by shareholders at the AGM, this will
enable the Board to recommend a final cash dividend of 2.0p (net), making a
total of 3.0p for the full year, (compared with 4.2p last year).

After dividend payments and 174,000 spent on the re-purchase of the Company's
ordinary shares for cancellation, net assets per share were 98.3p against the
100.7p reported a year ago.

Trading

Sales of distributed PC's were reported as having fallen over the first half of
2003. Also, the volume market place and inherent lack of commercial
profitability over the past year required a review of the Group's operations at
the end of 2002 and with it, a strategic change in general direction.

With sales of volume PC's and most accessories continuing to lack adequate
commercial returns, it is essential that we evolve our business model to become
more commercially viable. That entails re-enforcing our focus on key
relationships, whilst shifting emphasis and investment further up both the
technology and value chains. This change was commenced late last year and,
albeit slowly, is progressing to plan.

Our existing higher value activities have continued to perform in-line with
market conditions. Disappointingly, the malaise of the volume markets has also
been somewhat reflected in this area.

The Balance Sheet

Continued strong cash management during the period enabled the Group to end the
year with a very strong 7.17 million (8.59 million: 30 June 2002) net cash
position at year end, which was again coupled with zero debt.

Net assets of 31.86 million are after the annual depreciation charge of 1.05
million, dividend payments of 977,000 and 174,000 spent on the re-purchase of
326,400 ordinary shares for cancellation.

Stock levels reduced to 13.21 million from 14.59 million and stock turns also
benefited with an increase from 16 to 17 times.

The Board

After very many years association with the Group, Graham Cole advised that his
other commitments strained his ability to properly carry out his role as a
non-executive director. We shall miss his input and wish his new venture every
success.

Dividend

Reviewing dividend policy against the current background is difficult. With our
strong cash generation and net cash position, pending a return to realistic
levels of trading, it is proposed that the final dividend be maintained at 2.0p
(net). This would be at a cost to our reserves of 648,000. If approved, the
proposed dividend will be payable on 9th January 2004 to members on the Register
as at 19th December 2003.

Outlook

Within any new constraints that might arise within the sector or economy, we
have reasonable expectations and your Board is confident of the outcome for the
year.

D.M. Phillips

Chairman

gf

The long term story.



gf

And now showing the share in recovery mode with a lot more to come.

Certainly expect next weekends flow of tip sheets to cover this one.



gf.

Up around 17% friday and a lot more to come. Clearly undervalued.

Price, 73p, NAV per share 98.3p, and no its not an housebuilder its a profitable Tech Hardware company.

Dont get left behind.

gf.

Up again and why not 3 days on the trot now and all buys bar one. Readt to tick higher.

Wholesale Hardware provider and businesses havent bought in the last three years of the bear market. The three year cycle will surely boost sales and profits of this undefvalued gem.

GF.

Good news to break on this one in the next week or so. Info from someone very near to the company. I expect this one to be at about 100p at xmas. First hurdle is getting above resistance at 81p.

GF.

good